Marvell Technology, Inc., together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors. The company also provides a range of storage products comprising storage controllers for hard disk drives (HDD) and solid-state drives that support various host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, non-volatile memory express (NVMe), and NVMe over fabrics; and fiber channel products, including host bus adapters, and controllers for server and storage system connectivity. It has operations in the United States, China, Malaysia, the Philippines, Thailand, Singapore, India, Israel, Japan, South Korea, Taiwan, and Vietnam. Marvell Technology, Inc. was incorporated in 1995 and is headquartered in Wilmington, Delaware.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the company. Raymond James reiterated a "buy" rating and issued a $80.00 price objective on shares of Marvell Technology in a research note on Friday, May 27th. Craig Hallum decreased their target price on Marvell Technology to $90.00 in a research note on Friday, May 27th. Bank of America decreased their target price on Marvell Technology from $90.00 to $60.00 and set a "buy" rating for the company in a research note on Wednesday, June 29th. BMO Capital Markets decreased their target price on Marvell Technology from $98.00 to $82.00 in a research note on Friday, May 27th. Finally, KeyCorp decreased their target price on Marvell Technology from $95.00 to $90.00 and set an "overweight" rating for the company in a research note on Friday, May 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $83.41.
Marvell Technology Trading Up 3.6 %
MRVL Stock opened at $54.55 on Friday. The firm has a market cap of $46.36 billion, a P/E ratio of -89.42, a P/E/G ratio of 2.10 and a beta of 1.46. Marvell Technology has a 1-year low of $41.07 and a 1-year high of $93.85. The business's 50 day moving average is $49.96 and its 200-day moving average is $59.20. The company has a current ratio of 1.67, a quick ratio of 1.13 and a debt-to-equity ratio of 0.29.
Marvell Technology (NASDAQ:MRVL - Get Rating) last posted its quarterly earnings results on Thursday, May 26th. The semiconductor company reported $0.37 earnings per share for the quarter, meeting analysts' consensus estimates of $0.37. Marvell Technology had a positive return on equity of 6.92% and a negative net margin of 9.82%. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the business posted $0.15 EPS. The firm's quarterly revenue was up 73.8% on a year-over-year basis. Equities analysts anticipate that Marvell Technology will post 1.69 earnings per share for the current fiscal year.
Marvell Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 27th. Stockholders of record on Friday, July 8th were paid a $0.06 dividend. The ex-dividend date was Thursday, July 7th. This represents a $0.24 annualized dividend and a dividend yield of 0.44%. Marvell Technology's payout ratio is -39.34%.
Insider Activity
In other news, EVP Loi Nguyen sold 872 shares of the business's stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $60.00, for a total value of $52,320.00. Following the transaction, the executive vice president now directly owns 207,727 shares of the company's stock, valued at approximately $12,463,620. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Loi Nguyen sold 872 shares of the company's stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $60.00, for a total value of $52,320.00. Following the completion of the transaction, the executive vice president now directly owns 207,727 shares of the company's stock, valued at $12,463,620. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Dan Christman sold 14,000 shares of the company's stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $57.28, for a total value of $801,920.00. Following the completion of the transaction, the executive vice president now owns 92,203 shares in the company, valued at approximately $5,281,387.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,384 shares of company stock worth $3,230,310. Insiders own 0.45% of the company's stock.
